Cuomo: PHH Mortgage Expanding; Retains 400 HSBC Jobs

BUFFALO, NY-- Governor Cuomo announced Friday a $35 million PHH Mortgage Corp. expansion in Amherst that will retain 400 HSBC jobs that could have been lost.

PHH Mortgage Corp. will receive up to $3 million in state funding though the Empire State Development that will be used to not only keep the 400 lost jobs in WNY, but possibly create an additional 400 jobs at PHH's WNY facility.

"Last year, when HSBC announced that they would cut thousands of jobs - including hundreds of positions here in New York - the state and our business community quickly stepped up to the plate to preserve the jobs at retail banks," Governor Cuomo said. "Today's action by PHH Mortgage, assisted by up to $3 million in state resources as well as local support, is a big victory for Western New York, allowing 400 HSBC employees to keep their jobs and enable the potential hiring of hundreds more over the next years. This announcement demonstrates that New York State once again is open for businesses to grow and expand, and is another example of the state working in partnership with the private sector to leverage major investments and job creation."

"We are excited to partner with HSBC and thrilled to welcome many HSBC employees to the PHH Mortgage team," said David Tucker, President of PHH Mortgage. "The outstanding workforce in Erie County is a key reason we decided to remain in this area, and as our relationship with HSBC thrives, we look forward to building on our presence. I would like to thank the State of New York and the Amherst Industrial Development Agency for welcoming PHH Mortgage and supporting our plans to do business here."

A new facility for PHH's expansion will be built on Wehrle Drive in Amherst. Once the project is complete in 2013, employees from HSBC Mortgage in Depew will more to the Amherst facility.